Wednesday, July 13, 2011
Trophy Art - Solid
Cecily Brown, "I Will Not Paint Any More Boring Leaves (2)," 2004, sold for $844,000
at Phillips de Pury & Comapny, London
Melancholy surrounds domestic and national debts across gross international markets.
For a more bright view point on the economic climate look toward the art markets. Where else would one expect to see muscular spending that exhibits the heroic recovery of absolute wealth. Where buyers determine the highest going value on property aquired to act as status trophies fell to a game of investment and visceral reward. Demonstrating the power to determine a place above topical tides is the means for qualifying status amongst the world-class. To be of wealth and standing has returned to a classic form of generational domain above the eyeline of a designed democratic mass. Merit is the substance, and material matters most.
The season's closing bell at once carries with it the excitement of an opeing bell, declairing a monied august with a prevailing appetite for art.
Let's face it, luxury does not know misfortune. Our dear affluent have only now returned from a pause, with an enlivened sense of conservative values and giving commercially minded good-times to heavyweights.
"After Venice, after Basel, and a long spring of auctions in New York, there's still an appetite for contemporary art."
said Michael McGinnis, worldwide head of Phillips' contemporary department.
It seems official, for the time being: "The contemporary market has replaced Impressionism and the modern market as the leading collecting field." Neal Meltzer, a private dealer and former head of contemporary art at Christie's.
Who's the art world's biggest spender? On the basis of recent acquisitions of Impressionist paintings, and works by Picasso and Bacon, among others, perhaps Sheikh Saud bin Mohammad bin Ali al-Thani, a member of the Qatar royal family.